Loan Types

Loan Types Available at Landrum Loans

Part of what makes buying a home so exciting is the diversity of options. There are a variety of vibrant neighborhoods, ranging from family-friendly suburbs to exciting central locations to rural areas that are ripe for opportunity. With plenty of housing types – such as single family houses, condos, ranches, townhomes, and open land ready for building – there is a home or investment available for almost anyone.

The variety of homebuyers are just as varied as the city. From first-time homebuyers to buyers looking for their second home or investment rental property, to those of varying income levels, returning veterans, and more, every home buyer has unique financial needs.

Our goal at Landrum Loans is to understand your goals and help you reach them with the right type of loan. With extensive knowledge of conventional home loans as well as the more specialized loan types, Michael Landrum is able to offer personalized assistance in mortgage loan options, which choices that include:

  • Conventional Loans – Conventional loans offer flexibility for those buying or refinancing a home. Some conventional loans are backed by the the government, which allows for a lower down payment or more flexible terms. Others are offered solely by lenders, which may have additional requirements. At Landrum Loans, we can walk you through low interest rate mortgage loan options for 15 Year or 30 Year fixed rate mortgages, variable adjustable-rate mortgages, jumbo loans, and other options available to you with a conventional loan.
  • FHA Loans – Backing from the Federal Housing Administration (FHA) enables lenders to offer low down payment loans at low interest rates to borrowers that do not qualify for conventional loans. Borrowers who meet the requirements may have a down payment as low as 3.5% of the total purchase price. There are some rules and restrictions, but this is a great option for borrowers without a large down payment.
  • USDA Loans – The U.S. Department of Agriculture (USDA) guarantees loans for homebuyers moving into rural communities under 35,000 residents. These loans have zero down payment and low interest rates, making them suitable for low and middle income families looking at towns outside of Colorado’s metropolitan areas.
  • VA Loans – Available for active service members, veterans, and the spouses of service members killed in the line of duty. They offer more lenient qualifications, low interest rates, and often do not require a down payment. If you have served in any branch of the U.S. Armed Forces, this is one of the best mortgage loan options for you.
  • Low Down Payment Loans – For those who cannot afford the 20% down payment but do not qualify for government loans, there are many options available for loans with a 3% to 10% down payment. There are solutions for first time home buyers, low and middle incomes, and various credit scores to help Colorado residents finance their home.
  • Commercial Mortgage Loans – Landrum Loans provides commercial mortgage loans that allow for the purchase of large properties by both businesses and investors. We have unique understanding of the commercial mortgage market, along with connections that make it possible to obtain a loan with convenient terms and a competitive interest rate.

Selecting a mortgage to finance your home is only the first step. It does not matter if this is your first home loan or you have gone through this process several times before. The benefits of working with an experienced loan officer are in the guidance, education, and resources we provide to help you make these financial choices.

Look through the resources here on our website for an introduction on the individual loan types available. Based in Sacramento, we provide mortgages throughout California, Colorado, Texas, and Arizona. When you are ready to take the next step, see how much home you can afford or what refinance rates you qualify for, or give us a call at (916) 813-9306 to get started with the qualification process.